Join this session to explore the physical climate risk facing Canada’s mortgage sector just as total outstanding loan value reaches an all time high of C$1.7 trillion.
Already the costliest impact of climate change today, flooding of residential buildings is set to rise as floodplains expand, putting about 20 percent of the Canadian population who reside in these areas at risk. This will only worsen as we build new homes to relieve the intense demand for housing.
Rapidly changing macroeconomic conditions are opening the mortgage sector to intensified risk from climate change. Floods create volatility and increase the complexity of the risk equation.
Panelists, Nezihe Aquino, Chief Risk Officer, Vancity, Kathryn Bakos, Intact Centre for Climate Adaptation, Steve Mennill, Chief Climate Officer, CMHC will look at the changing threat landscape for the mortgage sector, our ability to adequately assess and price physical risks, the risk of providing financing in known flood-prone areas, and the outlook for adaptation and resilience in our residential housing sector.
Chief Risk Officer, Vancity
BIO: Nez Aquino is the Chief Risk Officer at Vancity. She has held progressive roles at Vancity over the last 14 years leading Business Performance, Payment Solutions, and Retail Banking teams prior to her role as the CRO. Nez is a Chartered Professional Accountant with almost two decades of experience in banking and oversees the comprehensive array of risks financial institutions face today while building the organization's capacity to make timely and strategic decisions that help to deliver a differentiated member experience.
Before arriving at Vancity, she worked five years at the Bank of America, building upon expertise that would lead her to take on increasingly complex roles in finance and analytics.
She has contributed to communities and groups outside the organization. She is a Board Director at Pacific Blue Cross, Vancouver Symphony Orchestra and a past Board Director of S.U.C.C.E.S.S
Intact Centre for Climate Adaptation
BIO: Kathryn Bakos is Director, Climate Finance and Science of the Intact Centre on Climate Adaptation. Kathryn assesses the impact of climate change on specific industry sectors and the broader capital markets. She is developing guidance to help investment professionals integrate climate change and extreme weather risk into forward-looking portfolio analysis to minimize associated risk. By extension, her research will influence companies to adapt to climate change in an effort to minimize risk/exposure.
Kathryn holds an Honours B.Sc in Biological Science, University of Toronto, specializing in Environmental Science and is a candidate for the Master of Environment and Business program at the University of Waterloo. Kathryn has also obtained the Canadian Securities Course certification.
In previous roles, Kathryn initiated and developed a framework for integrating Environmental, Social and Corporate Governance (ESG) factors into investment portfolios and led business analysis and development of advisory and client platforms across Canada and the United States. Kathryn speaks frequently to professional audiences, and she is a guest lecturer to graduate students at various universities. Kathryn is a Director of the Oak Ridges Moraine Land Trust, and a member of the Ontario Biodiversity Council and Canadian Association of Farm Advisors.
Chief Climate Officer, CMHC
BIO: Steve Mennill is SVP and Chief Climate Officer at CMHC, where he leads initiatives to mitigate and adapt to climate change in Canada’s housing and housing finance systems.
Steve has held many positions at CMHC, including Chief Risk Officer, Senior Vice-President, Mortgage Insurance and Senior Vice-President, Policy, Research and Planning. Before joining CMHC, Steve worked as an urban planner.
Steve holds an M.B.A. from the University of Toronto (Rotman), and a B.E.S. in Urban Planning from the University of Waterloo. He is also a member of the Canadian Institute of Planners (MCIP), is certified in Real Estate Finance (CRF) and holds the ICD.D designation from the Institute of Corporate Directors.
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